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Undergraduate finance - what you need to know

By
Editor

With the newly introduced student finance initiative that was implemented by the Coalition in 2010, many prospective undergraduates may be confused as to where they stand financially as they ready themselves to begin a degree.

This shouldn't be a worry as the government have all this information laid out on their website. Here is what you need to know.

Course recognition

It is important to assess whether your course is actually acknowledged as one by Gov.uk. This can be done easily by getting in touch with your desired institution. Examples of accredited courses include a degree (BA/BSc/BEd), a foundation course (in art, for example) or PGCE.

It is important to note that you cannot apply for a maintenance loan if you have completed a three-year degree previously. If you have attempted a three-year degree but decided to quit or switched courses you may still be able to receive some endowment, however.

Pricing

A tuition fee loan is available to anyone under the age of 60 and to a UK citizen or a member of the EU.
Candidates can obtain up to £9,000 a year for a full-time course and £6,750 a year for a part-time route.

As of September this year, those living in London and not at home can apply for a maintenance loan of £8,009 a year, and those living in outside of London can apply for a total of £5,740 a year.
Those staying with their parents are also welcome to apply for a loan of £4,565.